WALTHAM, Mass., April 21 /PRNewswire/ -- ImmuLogic Pharmaceutical
Corporation (Nasdaq: IMUL) reported today financial results for the first
quarter ended March 31, 1998. Revenues for the first quarter were $530,000
compared to $552,000 for the first quarter of 1997. Expenses for the first
quarter of 1997 were $2,354,000 compared to $7,779,000 in the first quarter of
1997. The net loss for the quarter ended March 31, 1998 was $1,121,000
[($0.06) per share] compared to a net loss in the same quarter last year of
$6,336,000 [($0.31) per share]. The Company's cash and investment balance at
March 31, 1998 was $50,392,000.
The net loss in the first quarter of 1998 decreased by $5,215,000 as
compared to 1997 due primarily to the Company's restructuring which occurred
during 1997. Specifically, reduced headcount and reduced expenditures for the
Company's discontinued ALLERVAX(R) CAT and RAGWEED programs contributed to the
savings. In addition, the Company entered into a staged sublease agreement
effective February 28, 1998 for it's Waltham, Massachusetts facility with the
entire facility being sub-leased effective October 1, 1998. This sublease
agreement will further reduce operating costs and related cash expenditures in
future quarters. The Company is planning for the sale of the majority of the
equipment located in its facility and is in the process of obtaining new space
to accommodate its operations.
During the first quarter of 1998, the Company prepared for the start of a
Phase I clinical trial for it's cocaine vaccine which began April 13, 1998.
In addition, the Company finished a research collaboration with Schering AG on
a nonparental product for the treatment of multiple sclerosis; advanced it's
nicotine vaccine into preclinical research and began development work on
reagents for the diagnosis and treatment of allergic diseases. ImmuLogic is
in discussions with other companies with respect to possible license
arrangements for several of its product candidates.
ImmuLogic Pharmaceutical Corporation is a biopharmaceutical company,
located in Waltham, Massachusetts, focused on the development of vaccines for
substance abuse and reagents for the diagnosis and treatment of allergies.
The Company's press releases are available through Company News on Call by fax
at 800-758-5804, ext. 114501, and on the Internet at http://www.prnewswire.com.
This press release contains forward-looking statements that involve a
number of risks and uncertainties, including risks and uncertainties that
relate to restructuring of its operations and licensing of its product
candidates. Among the most important factors that could cause actual results
to differ materially from those indicated by such forward-looking statements
are delays in product development, failure to obtain required regulatory
approvals, and the risk factors detailed in the Company's 10-K for the year
ended December 31, 1997.
IMMULOGIC PHARMACEUTICAL CORPORATION
SELECTED FINANCIAL INFORMATION
Statement of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
1998 1997
License research and other revenues $530 $552
Operating expenses:
Research & development 1,487 4,891
General & administration 867 2,888
Total operating expenses 2,354 7,779
Operating loss (1,824) (7,227)
Interest income 703 891
Net loss $(1,121) $(6,336)
Basic and diluted loss per share $(0.06) $(0.31)
Weighted average shares outstanding 20,356 20,234
Balance Sheet
(in thousands)
(Unaudited)
March 31, 1998 December 31, 1997
Cash and cash equivalents and
short-term investments $25,700 $27,505
Other current assets 515 561
Property and equipment, net 6,401 6,685
Long-term investments 24,692 24,788
Other assets 49 49
Total assets $57,357 $59,588
Current liabilities $4,100 $5,244
Non-current liabilities 325 325
Stockholders' equity 52,932 54,019
Total liabilities and stockholders' equity $57,357 $59,588
SOURCE ImmuLogic Pharmaceutical Corporation
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 114501
CONTACT:
Investor Relations of ImmuLogic
Pharmaceutical Corporation, 781-466-6000
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